(X20): Focus Remains On Key Resistance

• RES 4: $48.97 - Low Mar 2
• RES 3: $47.03 - Low Mar 6 and gap high on the daily chart
• RES 2: $46.74 - 50.0% retracement of the Jan - Apr sell-off
• RES 1: $46.61 - High Aug 5 and the bull trigger
• PRICE: $45.97 @ 06:26 BST Sep 2
• SUP 1: $44.17/15 - Low Aug 21 and the bear trigger / 50-day EMA
• SUP 2: $42.10 - Low Jul 30 and a trend reversal trigger
• SUP 3: $40.22 - Low Jun 25
• SUP 4: $37.94 - Low Jun 12

Brent futures maintain a bullish tone but for now continue to consolidate. The contract has yet to tackle key resistance at $46.61, Aug 5 high and the bull trigger. A break would negate recent bearish signals and more importantly confirm a resumption of the underlying uptrend. This would open $46.74 and $47.03. On the downside, key near-term support remains $44.17, Aug 21 low. A break would instead signal a reversal.